UBS has opened a new ‘digital factory’ in Zurich to develop and roll-out the Swiss bank’s digital strategy to clients around the world.

Spread over almost 4,100m2, the new facility will house up to 600 software developers, IT specialists and financial experts.

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These professionals will focus on developing new digital products on a cross-divisional basis, the company said.

UBS Switzerland president Axel Lehmann said: “The new digital factory in Zurich is a further commitment to Switzerland as a business location and offers an innovative working environment for up to 600 employees.

“As the leading universal bank in Switzerland, we do not see digitalisation as just a slogan – it is an important tool for serving our clients better.”

UBS Group COO Sabine Keller-Busse said: “In the digital factory, we want to develop even better client solutions, faster. To do that, we have specialists from over 20 disciplines working together in a close network in agile mode across multiple locations worldwide.”

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The cross-functional teams, according to the company, will conceptualise ideas at an early stage and test them to rapidly develop new digital products.

These products will be designed to improve the client experience and simplify internal processes.

UBS said that last year it recorded more than 100 million digital banking logins and over 60% of its clients received all of their banking documentation electronically.

The wealth manager added that access via smartphones is growing particularly quickly. About 40% of active its mobile banking clients across all segments now use only the app for their digital banking transactions.

However, UBS’s digital roll-outs have not always thrived. In 2017, the Swiss bank launched its robo-advisory platform, Smartwealth, in the UK. But the digital platform was then closed just over a year later following a lack of user-base.

Recently, UBS slashed more than 150 support jobs worldwide to slash operating costs.